Photo: Natalia Seliverstova / RIA Novosti
This is reported by RBC with reference to Rosimushchestvo, which has already announced the selection of the organizer of the placement of the package of 23.76% of the company’s capital.
Placement of shares is scheduled for 2026, the final parameters of the transaction will depend on market conditions, specified in the Ministry of Finance. The sale will take place within the framework of the program on development of the financial market and expansion of the practice of attracting capital through IPO and SPO of companies with state participation. The ministry notes that it expects a successful placement, referring to recent transactions, including the IPO DOM.RF in 2025.
After the placement, the state will retain a controlling stake – 50% plus 1 share. The free float will increase to almost 49%.
The offer price is half a billion
The volume of the offer will amount to about 944.6 million shares. At current quotations, this is about 44.4 billion rubles ($500 million), but the final value will be determined closer to the deal.
The market reacted to the news with a decrease in Aeroflot quotations. After the announcement of the Federal Property Management Agency, the company’s shares on the Moscow Exchange fell by almost 1% in the main session and increased their decline in the evening trading.
Analysts expect that the placement may take place at a discount to the market price. According to experts’ estimates, the discount may be from 10% to 15% to ensure demand from institutional investors and avoid pressure on the market. For shares, this means pressure in advance: the market will start laying the overhang even at the stage of deal preparation.
Experts also point out that the SPO may be held in stages to reduce volatility and expand the range of buyers. Among potential investors they name large institutional funds, including pension funds, as well as quasi-governmental structures.
It should be noted that Aeroflot is Russia’s largest airline, which also operates Rossiya and Pobeda carriers. At the end of 2025, the group’s revenue rose to 902.3 billion rubles ($10 billion), but net profit fell by almost 65% to 22.6 billion rubles ($250 million).
The company remains one of the most sensitive to external factors – the ruble exchange rate, fuel costs and geopolitical situation, which, according to analysts, may affect the valuation at placement.
